PANAMA
Features of Panama Corporations
BUSINESS TRANSACTIONS
- Panama corporations may engage in any lawful business in any country and may carry on transactions in whatever currencies they choose.
- Registration of mortgages on vessels and aircraft available.
TAXATION
- Full exemption from taxation for any business activity or transaction carried out outside Panama.
AUTHORISED CAPITAL / SHARES
- Nominative or bearer shares at owner's option.
- No paid-in capital is required.
- No minimum or maximum capital requirements.
DIRECTORS / OFFICERS (SECRETARY) AND SHAREHOLDERS
- Shareholders, directors and/or officers can be either corporate entities or natural persons.
- The directors may grant special or general powers of attorney.
- Neither the directors nor the officers need be shareholders.
- Shareholders, directors and officers may be of any nationality and may be resident of any country.
- Shareholders and directors may hold their meetings in any country and may attend such meetings by proxy or by any electronic means (phone, fax, etc).
ANNUAL FILING
- No requirement to file annual returns or financial statements; no requirement to hold annual general meetings of shareholders or directors.
INCORPORATION AND ADMINISTRATION
- Familiarity of incorporation documents (Articles of Incorporation).
- The words "Corporation", "Incorporated", "Société Anonyme", or "Sociedad Anónima", or the abbreviations "Inc." or "S.A.", may be used in a company's name.
- Speedy incorporation procedure and simple ongoing administration.
- Shelf companies available.
RECORD KEEPING
- Accounting books of the company may be kept abroad.
REGISTERED OFFICE, CORPORATE SEAL AND LEGALISATION
- Use of Apostille should documentation need to be legalised. Legalisation via a Consulate is also available for some countries.
- Registered Office in Panama is required.
- Corporate seal is optional.
REDOMICILIATION
- Foreign companies can be speedily redomiciled to Panama.
- Low redomiciliation fees.
